We are live on
!
Find out more
DFCM
Dark Forest Capital Management Portfolio holdings
AUM
$1.13B
1-Year Est. Return
18.74%
This Fund
S&P 500
This Quarter
Est. Return
+2.94%
1 Year Est. Return
+18.74%
3 Year Est. Return
+51.22%
5 Year Est. Return
+55.27%
10 Year Est. Return
–
AUM
$2.19B
AUM Growth
-$467M
(-18%)
Cap. Flow
-$490M
Cap. Flow
% of AUM
-22.36%
Top 10 Holdings %
Top 10 Hldgs %
6.98%
Holding
1,430
New
319
Increased
285
Reduced
326
Closed
499
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$24.8M |
| 2 |
Toast
TOST
|
+$12.4M |
| 3 |
VICI Properties
VICI
|
+$8.48M |
| 4 |
NextEra Energy
NEE
|
+$8.18M |
| 5 |
Chevron
CVX
|
+$7.94M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Booz Allen Hamilton
BAH
|
+$15M |
| 2 |
iShares MSCI Brazil ETF
EWZ
|
+$14.9M |
| 3 |
Goldman Sachs
GS
|
+$14.7M |
| 4 |
Loews
L
|
+$13.6M |
| 5 |
iShares MSCI India ETF
INDA
|
+$13.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 17.75% |
| 2 | Industrials | 14.65% |
| 3 | Technology | 14.45% |
| 4 | Consumer Discretionary | 10.89% |
| 5 | Healthcare | 9.66% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1351
Texas Pacific Land
TPL
$23.5B
| – | – |
-1,803
| Closed | -$561K |
|
1352
Tapestry
TPR
$32.8B
| – | – |
-13,119
| Closed | -$1.49M |
|
1353
LendingTree
TREE
$451M
| – | – |
-27,285
| Closed | -$1.77M |
|
1354
Trustmark
TRMK
$2.75B
| – | – |
-62,062
| Closed | -$2.46M |
|
1355
Transcat
TRNS
$871M
| – | – |
-30,077
| Closed | -$2.2M |
|
1356
Tronox
TROX
$1.04B
| – | – |
-528,515
| Closed | -$2.12M |
|
1357
Trupanion
TRUP
$1.18B
| – | – |
-18,711
| Closed | -$810K |
|
1358
Trane Technologies
TT
$106B
| – | – |
-8,787
| Closed | -$3.71M |
|
1359
Travere Therapeutics
TVTX
$5.78B
| – | – |
-28,483
| Closed | -$681K |
|
1360
Texas Instruments
TXN
$261B
| – | – |
-15,810
| Closed | -$2.9M |
|
1361
Textron
TXT
$15.4B
| – | – |
-24,686
| Closed | -$2.09M |
|
1362
UDR
UDR
$12.3B
| – | – |
-43,381
| Closed | -$1.62M |
|
1363
Uranium Energy
UEC
$5.57B
| – | – |
-104,371
| Closed | -$1.39M |
|
1364
United Natural Foods
UNFI
$2.85B
| – | – |
-10,241
| Closed | -$385K |
|
1365
United Parcel Service
UPS
$88.9B
| – | – |
-9,499
| Closed | -$793K |
|
1366
US Foods
USFD
$24B
| – | – |
-49,992
| Closed | -$3.83M |
|
1367
US Physical Therapy
USPH
$1.22B
| – | – |
-19,346
| Closed | -$1.64M |
|
1368
Utz Brands
UTZ
$1.25B
| – | – |
-88,337
| Closed | -$1.07M |
|
1369
Universal Corp
UVV
$1.27B
| – | – |
-7,510
| Closed | -$420K |
|
1370
UWM Holdings
UWMC
$434M
| – | – |
-12,300
| Closed | -$74.9K |
|
1371
Marriott Vacations Worldwide
VAC
$4.25B
| – | – |
-71,319
| Closed | -$4.75M |
|
|
VBTX
1372
DELISTED
Veritex Holdings
VBTX
| – | – |
-30,149
| Closed | -$1.01M |
|
1373
VF Corp
VFC
$5.89B
| – | – |
-22,839
| Closed | -$330K |
|
1374
Vir Biotechnology
VIR
$1.49B
| – | – |
-143,068
| Closed | -$817K |
|
1375
Vital Farms
VITL
$525M
| – | – |
-6,064
| Closed | -$250K |
|
Similar funds
PL
AT
WM
OHIF
HMCP
C
ACM
CNC
Dark Forest Capital Management's Q4 2025 Portfolio in Review
As of Q4 2025, Dark Forest Capital Management held 1,430 positions worth $2.19B, down 18% from $2.66B the previous quarter. Its ten largest holdings account for 7% of the portfolio.
Dark Forest Capital Management withdrew a net $490M in Q4 2025, closing 499 positions and reducing 326 holdings. Its most notable exit was Booz Allen Hamilton, an estimated $15M position sold in full.
By sector, the portfolio is most concentrated in Financials at 18% of assets, down from 18% a quarter earlier, followed by Industrials and Technology.
Against the trend, Dark Forest Capital Management opened a new position in VICI Properties worth $8.03M.
- Dark Forest Capital Management's largest Q4 2025 buy was VICI Properties: 285,590 shares worth $8.03M.
- Dark Forest Capital Management added most to iShares MSCI Emerging Markets ETF in Q4 2025, an estimated $24.8M increase.
- Dark Forest Capital Management's biggest Q4 2025 reduction was iShares MSCI Brazil ETF, cutting an estimated $14.9M.
- Dark Forest Capital Management fully exited Booz Allen Hamilton in Q4 2025, selling an estimated $15M.
- Dark Forest Capital Management's ten largest holdings make up 7% of its $2.19B portfolio in Q4 2025.
- Dark Forest Capital Management opened 319 new positions and closed 499 in Q4 2025.
- Dark Forest Capital Management's portfolio value fell 18% quarter-over-quarter to $2.19B.
Based on Dark Forest Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.